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Median home price hits $200,000 in Las Vegas

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Median home price hits $200,000 in Las Vegas

By Bryan Callahan. CREATED Aug 8, 2014

Las Vegas, NV (KTNV) -- The Las Vegas housing market has reached a milestone. The median price of a home rose to $200,000 in July.

That is the highest price since August of 2008.

Realtors are unsure if prices will ever reach the peak price of $315,000 again, but said it should stabilize in the future with four to six percent growth.

The good news is inventories are low, so realtors said the market could handle some foreclosed homes hitting the market.

"We should be at about six months inventory right now. We are at about 2, 2.5 right now. So we can absorb a great number of homes on the market right now," said Keith Lynam, president-elect of the Greater Las Vegas Association of Realtors.

Currently one in every five homes sold is a foreclosure or short sale.

Bryan Callahan

Bryan Callahan

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Bryan Callahan joined the Action News team as a general assignment reporter in August of 2013.